London wants to be most preferred destination for Indian cos
20 Nov '07
3 min read
“London wants to be the most preferred destination for Indian companies looking to expand businesses abroad,” Mr Ken Livingstone, Mayor of London said.
Making a case for London as a global city, Mr Livingstone said London, with its multi-cultural labyrinth, matches the US in levels of productivity and competitiveness, is open to immigration and has an open pattern of investment.
“A dynamic place, London is the city to invest in,” he said while addressing a senior-level business conference on “London & India – Partners in Globalization What does it take to succeed as a global business?,” organised by the Confederation of Indian Industry (CII) and the Indo-British Partnership (IBP) India in association with Think London, the official foreign direct investment (FDI) agency for the UK capital.
On strengthening London's infrastructure for attracting foreign investment and businesses, Mr Livingstone said London is working overtime to streamline the operations at the various terminals at Heathrow Airport to facilitate a hassle-free entry into the city.
He said London is spending GBP10 billion on improving the city's transport system and is also looking at affordable housing for its population.
Stressing on the fact that investment is a two-way street, the Mayor said India accounts for just over 32% of all European investments from India. On the other hand the year 2006 saw $2 billion investment from the UK into India, a jump of 15% over the previous year.
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